A Portville man has pleaded guilty to conspiracy to commit securities fraud, U.S. Attorney William J. Hochul Jr. announced Thursday.
Jamie Boye, 33, faces a maximum sentence of five years in prison, a fine of $250,000 or both when he is sentenced April 15 by U.S. District Court Judge Richard J. Arcara.
Boye participated in a scheme between October 22, 2008, and Sept. 15, 2011, involving penny stocks, according to Assistant U.S. Attorney Aaron J. Mango, who is handling the case.
Boye and others used several websites registered through an internet domain registrar and web hosting company, according to a news release.
One of the websites was trypennystocks.com, which was used to tout approximately 29 penny stocks. During the course of the scheme, Boye and others were compensated by third parties to tout certain penny stocks. In total, Boye was paid $498,714.25 during the scheme, which involved at least 10 victims.